Unblocked Ledger Coin (ULC)

• When the ULC software is released, the ULC peer-to-peer network is created by people around the world running the ULC node software.
• Each node in the ULC network is given a fixed amount of ULC on a daily basis for participating in the network.
• The coins on the ULC network serve the function of a cryptocurrency. They also provide the utility of User-Activated Software Forks (UASF).
• Each node in the ULC network will need to hold a fixed amount of ULC in a bond account in order to participate in the network. The amount held in the bond account is at risk of being lost if the node misbehaves. The bond amount can be adjusted by the community via UASF.
• A fixed amount of ULC is also given to a maintenance fund on a daily basis.
• The holders of ULT tokens will be able to obtain an equivalent amount of ULC once the network is started.
• There is a 0% transaction fee initially on all transactions. However, the transaction fee rate can be adjusted by the community via UASF. For example the community can choose a 0.01% transaction fee on transactions. This amounts to a fee of $0.01 for a $100 transaction. The transaction fees (if chosen by the community) can be used to reduce the coin supply to benefit all users and not just the miners. Thus, the transaction fees are burned rather than given to miners.
• The amount given to nodes, the amount given to the maintenance fund and the transaction fee are parameters that can be changed by the community via UASF every 3 months.
• UASF outcome is determined by amount sent to the option addresses. The amounts sent to option addresses are burned after the software fork is activated.
• The total supply of ULC is not fixed and can gradually fluctuate based on what the community chooses for the miner rewards and transaction fees. The ULC supply will initially be close to the ULT supply after the excess ULT is burned. Other projects which use the ULC software and want to gain an immediate community of users can airdrop tokens for their project to ULC holders.

See Unblocked Ledger Token (ULT).